VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2018) - ICC Labs Inc. ("ICC Labs" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay, is pleased to announce the completion of one of its most critical objectives, its "first outdoor sowing of Cannabis Sativa L. seeds with 430 acres sown".
ICC Labs has successfully completed its first sowing of outdoor-grown medicinal cannabis at 430 acres, 30 acres more than were previously announced. "We are very proud to have reached the target to sow 400 acres, and then to have exceeded this target by sowing 430 acres in total. We believe that this outdoor plantation could be the largest licensed area in the world for the production of cannabidiol "CBD", the non-psychoactive cannabinoid of the Cannabis Sativa L. plant, for medicinal purposes. With each step, we move closer to our real and final objective of supplying the global market with the highest quality pharmaceutical-grade and medicinal products at affordable prices", commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
The first outdoor harvest is expected to commence in April, concurrently with the expected completion of the construction for the Company's state-of-the-art laboratory. This extraction laboratory, located in a free-trade zone will be the first one of its kind in South America with an industrial scale capacity capable of supplying the Latam and European markets.
Furthermore, the successful completion of ICC Labs second indoor sowing at the Company's 21,528 sq. ft. greenhouse situated in the Department of Canelones demonstrates ICC Labs' ability to have three productive cycles a year.
"The achievement of these two important milestones puts ICC Labs on the right track to achieve its recently announced increase of expected processing capacity at the extraction laboratory to up to 150,000 kg of dried Cannabis Sativa L. per year. It will also position the Company as one of the largest, low cost producers and global suppliers of medicinal products, as well active pharmaceutical ingredients (APIs) for the pharmaceutical industry", said Alejandro Antalich, Chief Executive Officer of ICC Labs.
The Company has granted 4,252,018 options to its directors and a consultant to the Company exercisable at $1.42 per share for a period of ten years.
ABOUT ICC LABS INC.
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay. For more information, please see the Company's filings on www.sedar.com and www.icclabs.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the Company's ability to complete the construction of its cannabinoid extraction laboratory in a timely fashion and in accordance with requisite regulatory requirements, or at all, to obtain all requisite regulatory approvals for the production and export of cannabinoid based products, to produce various cannabinoid based products in a cost-effective manner, or at all, and to successfully grow and harvest sufficient outdoor hemp crops to operate its prospective CBD laboratory near fully capacity. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.